Blended debt strategy assets decreased 5% in the quarter to $19.7 billion as of June 30, local currency assets fell 4% to $17 billion, external debt assets fell 5% to $14.5 billion, corporate debt assets increased 4% to $9.8 billion and equities strategies were down 2% to $4.2 billion. Overlay and liquidity strategies recorded a 3% decline in assets to $6.2 billion, while alternative assets were flat at $1.5 billion. Multiasset strategies fell in the quarter 17% to $1 billion.

Investment performance was negative and accounted for $5.2 billion of the decrease.

"Client activity levels continued to be broad-based through the quarter ahead of the typical seasonal slowdown. Asset prices weakened over the period, particularly in local currency markets, as returns were impacted by the combination of a stronger U.S. dollar and weaker euro, risk aversion to developed world political uncertainty, and concerns about trade protectionism," CEO Mark Coombs said in a news release on the quarter's report.

"This has left emerging markets valuations at levels last seen immediately after the U.S. election in 2016, following which markets delivered a sustained rally. While there is a small number of emerging countries that face challenges, most emerging markets economies are in even better health today. Therefore the recent sell-off has created significant value opportunities on which an active manager such as Ashmore can capitalize," Mr. Coombs said.